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Custom Transactions

Your business may involve a number of transactions that require adjustments to be made to your general ledger. One of the options would be through journal entries, but the adjustments that can be made in this manner may be limited. Since all journal entries appear as a list it may pose problems in differentiating one type of journal entry from another.

Custom Transactions is the new feature in Netsuite that allows you to create various custom transactions types according to your business needs.

This post will help you learn about Custom Transactions feature, how to access the same and its benefits.

To access Custom Transactions, you can navigate to Customization > Lists, Records, & Fields > Transaction Types > New.

Custom transaction_page_2015-10-28_ 1_1

Each custom transaction type has its own list. A list style must be selected for the custom transaction type you create. The list style determines how transaction instances affect your general ledger. A list style cannot be changed after saving a custom transaction type.

Custom Transaction_list style

The three list styles in Custom Transactions are:

  • Basic
  • Journal
  • Header only

Basic Allows you to enter credit or debit values to a particular account. You can adjust the balances in the account based on status of Credit check box on the transaction type record. When this box is checked, the offset account is credited, and the accounts in the Lines sublist are debited, and vice versa.

Journal – Allows you to manually enter the debits and credits to accounts while entering a transaction. Here, make sure that the total value of credits must be equal to the total value of debits.

Header only – This list style does not have GL impact. It utilizes a GL plug-in implementation to calculate the GL impact. The plug-in implementation calculates the impact based on other data such as the values entered on the transaction header, or values entered on a custom form created using SuiteScript objects.

Note: GL impact can be observed only for Basic and Journal List styles.

On creation of a custom transaction type, a standard form is automatically created for that type. This form can be used to enter instances of the transaction. To make changes such as changing the position of fields, defining the fields as read-only, etc. you need to create a custom form for that transaction type.

Creating links to Custom Transaction types

You can create links or menu paths for each custom transaction you create in Netsuite. These links and menu paths can be used to easily access the created custom transactions types.

The following are the various methods to create the links.

  • Planning for Custom Transaction Type Links
  • Creating links by editing the Transactions type.
  • Creating links by using the customization menu.

Planning for Custom Transaction Type Links:

When creating a link for custom transaction type, the first thing you need to look for is Center. It is important to identify which roles need to access the transaction type, and the Centers that are associated with these roles.    

Creating Links by Editing the Transaction Type

Links can be created by directly editing the custom transaction type. In a few cases, when the transaction is installed from a bundle, there may be restrictions in editing. So, it may not be possible to edit the transaction type and create links. In such cases you can create links to the transaction type by using customization menu.

Creating Links by Using the Customization Menu

Using this method, you can update a custom category to include links to your custom transaction type.

Benefits

The Custom Transactions feature has the following benefits:

  • Custom transaction types can be named as per your business requirement.
  • Similar to standard transactions, each custom transaction type can have its own numbering scheme, permissions, and workflow logic.
  • Custom transaction types can be created in multiple styles such as journal entry, expense report, etc.

 

 

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